Bloomberry’s net profit surges

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Bloomberry Resorts Corp, a casino operator based at the Philippines, posted a record net profit of PHP3.691 billion (US$71.2 million) in the first quarter of 2018. The profit surged on the back of robust mass market and VIP gaming.

Data provided by Bloomberry revealed there has been a 71 per cent increase in the net profit for the three months ending March 2018 compared to the PHP2.153 billion ($41.46 million) net profit it reported in the first quarter of 2017.

The firm’s gross gaming revenue (GGR) was up 28.3 per cent to PHP13.75 billion ($264.77 million), and accounted for 94.4 per cent of Bloomberry’s overall Q1 revenue.

Reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 44 per cent year-on-year to PHP4.537 billion ($87.37 million), the highest ever reported in a quarter, according to the casino operator.

“We are off to a good start. Our fundamentals are solid, our cost optimisation initiatives are working, so we should be on tract to making this a banner year,” Bloomberry Chairman and CEO Enrique Razon, Jr. said in a statement.

The Manila-based firm operates Solaire Resort & Casino in the Entertainment City gaming zone in Manila and the Jeju Sun Hotel & Casino in Jeju Island, South Korea.

Solaire’s GGR was at PHP13.69 billion ($263.62 million), up 28.5 per cent from PHP10.66 billion ($205.3 million) in Q1 2017. Solaire generated its highest quarterly mass table drops and electronic gaming machine (EGM) coin-ins, rising 17 and 23%, respectively.

Despite seeing a 12 per cent drop in VIP volumes, Solaire’s VIP gross gaming revenue hit PHP7.1 billion ($136.72 million), up 39 per cent year-on-year.

Solaire’s hotel and food and beverage revenue increased by PHP9.5 million ($182,933) or 1.8 per cent.

Meanwhile, Jeju Sun continued to be a drag for Bloomberry, with gross gaming revenue dropping 13 percent to PHP51 million ($982,063) in the first three months of 2018. The firm attributed the decline to the decreasing number of Chinese tourist arrivals in Jeju as well as tough competition from other casinos.

Source: European Gaming Industry News

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.